Wednesday, 21 August, 2019

Subscribe

Sacramento CEO faces prison for taking over $1M from pensions


A Sacramento CEO has pleaded guilty to embezzling funds from his employees’ pensions, according to a news release from the U.S. Attorney for the Eastern District of California.

Court documents show David L. Bonuccelli, 65, was the CEO of a real estate investment consultant and advisory firm which worked with public pension funds, institutional investors, endowments and individual investors. The firm sponsored retirement benefit plans for its employees, including a pension where Bonuccelli was the sole trustee.

Adobe Stock

From 2011 to 2014, Bonuccelli made unauthorized transfers totaling $1,243,154 from the pensions account, including transferring hundreds of thousands of dollars in spending and transfers to his own retirement plan. According to court documents, Bonnuccelli invented paperwork to have documents classified as a loan and made false statements on annual forms filed with the Department of Labor about the pension plan’s balance and transfers.

Bonnucelli will be sentenced on January 16 and faces a maximum penalty of five years in prison and a $250,000 fine.

Tribune Content Agency

0 comments on “Sacramento CEO faces prison for taking over $1M from pensions

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Please subscribe:

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Coester.com will use the information you provide on this form to be in touch with you and to provide updates and marketing.